Europe open: Stocks resume their push higher

(Sharecast News) - European stocks were trading in positive territory on Thursday morning as investors took advantage of a lack of economic data to increase their appetite for risk. The pan-European Stoxx 600 Index was up 0.5% early on, with decent gains across all major indices with the exception of London's FTSE 100, which stayed flat following disappointing earnings reports from heavyweight stocks.

Nevertheless, the Stoxx 600 was rising for the seventh time in nine sessions and is now nearly 4% higher than the ten-month low reached on 27 October.

There was very little on the economic data agenda on Thursday, with Chinese inflation data with US jobless claims being the only major releases. Chinese consumer prices fell by 0.1% in October after a 0.2% rise in September, slightly worse than forecasts, while jobless claims are expected to remain steady at around 217,000.

Eyes will therefore turn to scheduled speeches from European Central Bank president Christine Lagarde and Federal Reserve chair Jerome Powell, expected at 1730 GMT and 1900 GMT, respectively, as markets await any hints at future monetary policy decision.

"There is a hope that today's comments from ECB Governor Lagarde and Fed Chair Jerome Powell could unlock the next big move for markets, with the recent recovery coming thanks to a widespread shift away from tightening and towards the timing of the 2024 easing process," said Joshua Mahony, analyst at Scope Markets.

"However, traders should be careful not to get too carried away, with any monetary easing likely to be prolonged and gradual in nature."

Corporate updates come in mixed

AstraZeneca rose 3% in London after raising its full-year profit forecasts and exceeding expectations with tis third-quarter results.

Dutch payment firm Adyen surged by nearly a third despite cutting its medium-term expected sales percentage growth to the low to high twenties, down from previous guidance of mid-twenties to low thirties. JPMorgan said it should be a "major relief" to shareholders given new targets were "more realistic".

Gambling conglomerate Flutter Entertainment dropped 9% after lowering its expectations for the year, with adjusted EBITDA now expected to be £1.44bn, at the bottom end of its previously-guided range of £1.44bn to £1.6bn.

Deutsche Telekom edged higher after upwardly revising its earnings targets for 2023 and saying it plans to increase its full-year dividend.

West Africa-focused gold miner Endeavour Mining fell 4% despite saying it remains on track to meet guidance this year after a decent third quarter, as it said mining costs are expected to be near the top end of the targets.

UK and Europe-focused value retailer B&M also fell despite raising its guidance for profits and store openings after a strong first half, with double-digit growth in both revenues and earnings.